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Politician
In an effort to test the hypothesis that the proportion of voters in the younger than 40 year old age bracket who will vote for a particular politician is different than the proportion voters in the above 40 age bracket,the following data was collected.
-State the null and alternative hypotheses.
Use = 0.10.State the decision rule in terms of the critical value.
Wage
The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to manual or unskilled workers.
Diminishing Returns
A principle stating that adding an additional factor of production results in smaller increases in output.
Marginal Product
The additional output resulting from the use of one more unit of a factor of production.
Labor
Human effort used in the production of goods and services.
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